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Angel One Ltd faced a substantial setback as its shares plummeted by up to 13% in Tuesday’s trading session. The brokerage firm reported a 14% sequential decline in profits, attributing it to heightened growth in cash segment orders, modifications in cash intraday tariff structures, and increased operational expenses related to client acquisition.
For the quarter, the company’s profit stood at Rs 260.30 crore, down from Rs 304.50 crore in the preceding September quarter. Despite the markets reaching new highs, sales saw only a marginal 1% increase sequentially, reaching Rs 1,060.80 crore. The stock of Angel One witnessed a sharp decline of 12.76%, hitting a low of Rs 3,380 on the BSE.
On a year-on-year basis, Angel One’s profit after tax showed a 14% increase, but it fell short of Motilal Oswal’s estimates by 17%. Expenses for the quarter surpassed Motilal’s projections by 13%, driven by admin and other expenses that were 17% higher than expected.
In response to these challenges, Angel One’s board declared a third interim dividend for FY24 at Rs 12.70 per share and approved fund-raising through non-convertible debentures, amounting to up to Rs 500 crore( Five Hundred), in one or more tranches on a private placement basis.
Despite the setbacks, Angel One’s F&O market share improved to 26.8% from 26.2% in Q2FY24. The F&O average daily turnover witnessed a significant 22% QoQ and 151% YoY growth. However, the number of orders remained flat, and the Revenue per order declined to Rs 22.70, according to Motilal Oswal.
While acknowledging Angel One’s role in the financialization of savings and digitization, Motilal Oswal expressed concern about the slowing client addition trajectory and activation rate. The brokerage firm plans to reassess its estimates and targets after the conference call scheduled for January 16.
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